OYO Raises $250 Million Led By Funding from SoftBank Vision Fund
OYO raises funds from softBank vision which is likely to be invested in future projects
OYO Hotels, commonly known as OYO, has reportedly raised $250 millions (Rs 1600 crores) in a Series D financing round led by SoftBank through SoftBank Vision Fund, a company statement said here on Thursday.
We are now focusing on further accelerating network coverage to consolidate our leadership in the economy through OYO Rooms and mid-market category through Townhouse brands. We will also deploy fresh capital to take our Made in India business model to international markets, which are characterised by a similar supply-demand imbalance in real-estate and hospitalityRitesh Agarwal - Founder and CEO, OYO
OYO's existing investors Sequoia India, Lightspeed Venture Partners and Greenoaks Capital also participated along with Hero Enterprise.
OYO now operates in 230 cities across India, Malaysia and Nepal. SoftBank Vision Fund eyeing OYO is a big feat for Ritesh and Co. This is an investment set-up which has grabbed share in companies from across the industries.
OYO has been in the news recently, the app now features a ‘relationship mode’ which helps users find hotels that are couple-friendly, that is, they allow unmarried couples, even with local IDs to check in without any hassles.
It will be interesting to track how OYO plans to invest its recent round of funds, and whether it plans to diversify into other spaces.
(With IANS inputs)
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